Hello 10,000 – Wall Street Drops Amid Global Stock Rout After US Downgrade

Wall Street tumbled again Monday amid a rout in global stocks after rating agency Standard & Poor’s downgraded the U.S. credit rating for the first time. S&P cut the...
Look at the amount on the debt clock on this photo form a year ago, and see how many more trillions in debt we've acquired under Obama
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And the walls came tumblin’ down

NEW YORK — Wall Street tumbled again Monday amid a rout in global stocks after rating agency Standard & Poor’s downgraded the U.S. credit rating for the first time.

S&P cut the long-term debt rating for the U.S. by one notch to AA+ from AAA late Friday. The move wasn’t unexpected, but it comes when investors are already feeling nervous about a weak U.S. economy, European debt problems and Japan’s recovery from its March earthquake.

Look at the amount on the debt clock on this photo from a year ago, and see how many more trillions in debt we've acquired under Obama

Speaking on the downgrade issue at the White House Monday, President Barack Obama said the U.S. will always be a AAA-rated country despite what rating agencies say, and he urged lawmakers to work together to tackle the nation’s deficit.

“It tells us investors are panicking,” said Brian Reynolds, chief market strategist with WJB Capital Group, a Wall Street firm that handles trading for hedge funds and mutual funds.

The Dow Jones industrial average was lately down over 400 points, adding to a loss of over 200 points at the start of trading. The mid-morning slump in stock prices came as S&P downgraded the credit ratings of mortgage lenders Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt. source – MSNBC

Now The End Begins is run by end times author and editor-in-chief Geoffrey Grider, and located in Saint Augustine, Florida. NTEB delivers aggregate breaking news of the day from a biblical perspective, as well as providing rightly divided and dispensationally correct teaching and preaching from the King James Holy Bible. NTEB has been in continuous operation since being called into service for the Lord Jesus Christ in 2009. We are the front lines of the end times.
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